First Time Homebuyers Program

April 3, 2008 8:00:18 PM PDT
Fresno County is helping people get more money to buy their first homes. It could get buyers into 70 percent of the homes on the Fresno county market."We're hoping that you'll be able to access our funds."

50 Fresno realtors packed into an informational seminar Thursday morning learning a new way to help first time home buyers purchase a home.

Don Scordino said: "All of a sudden I started thinking of listings I have that are eligible. I'm thinking of buyers that would be eligible."

County supervisors are using 2-million dollars from the Federal government to fund this down payment assistance program.

Home buyers can borrow up to 20 percent of the home's purchase price, interest free. The house must be located in unincorporated parts of Fresno County, or other rural communities.

Buyers have 30 years to pay back the no-interest loan. In order to qualify you must be a first time home buyer and meet Federal low to moderate income levels. Officials hope this program could help sell about one-thousand homes in Fresno County.

"And we have another map which is the entire county. And look at that. It's practically all green."

"The green area. I loved that. Green is for money. I think that's good," exclaimed Margy Becker.

Realtor Margy Becker said this assistance program could help place her clients in their first home. "But the little people. The little people are getting hope again. 'Hey I can afford a house. I'm already paying 7-8 hundred dollars rent. Can I buy a house with that?' Yes."

In previous years county leaders said the affordable housing program couldn't financially keep up with the hot housing market. But now county officials believe they can help realtors place buyers in homes they wouldn't have been able to afford two years ago.

County supervisor Henry Perea said: "This is that perfect gap financing that will help that first time homebuyer get into that 2 to 3 hundred thousand dollar home and we provide zero interest loans to get there."

Affordable Housing Programs


Load Comments